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Stanbic IBTC posts N4.73b in half year profit

By on July 28, 2011

The management of Stanbic IBTC Bank, on Wednesday reported that although gross earnings income for the half year ended June 30, 2011 rose to N32.197 billion from N28.376 billion in the corresponding period of last year, profit before and after tax fell slightly within the period.

According to the result submitted through the Nigerian Stock Exchange (NSE), PBT stood at N6.617 billion, a decline from previous half year’s N7.311 billion, while net profit fell to N4.732 billion from N5.294 billion.

It however fared better, within the period, than agric-allied industry operator- FTN Cocoa Processing, one of those currently on technical suspension by NSE management since July 1, for failure to render its audited result for the year ended December 31, 2010.

According to the result, the company reported a 75.48 per cent slump in net profit, faster than the drop in sales income within the period. Turnover for the year stood at N1.196 billion from N1.361 billion, most of which went into operating cost at N1.014 billion from N1.146 billion. PBT for the period fell to N63.647 billion as against N259.71 million, just as net profit dropped from N259.659 million to N63.647 million.

Petroleum products marketing giant- Total Nigeria, also submitted its unaudited half year score-card to June 30, 2011 with turnover of N87.661 billion, from N85.429 billion recorded in the corresponding period of 2010; PBT dropped slightly to N3.305 billion from N3.333 billion; while PAT rose to N2.125 billion from N2.054 billion recorded in 2010.

Meanwhile, the NSE indicators returned to its old path, as its gaining streak was halted on Wednesday when equities capitalisation fell by N11.359 billion, and the All- Share Index by 34.66 basis points or 0.14 per cent to close at 24,011.99 points.

A total of 602.229 million shares, valued at N1.808 billion were traded in 4,884 deals as against a total of 275.510 million shares, valued at N1.828 billion exchanged in 5,191 deals on Tuesday. The banking sub-sector accounted for a total of 186.640 million shares, crossed for N1.059 billion in 2,964 deals; as against 203.609 million shares, valued at N1.154 billion in 3,065 deals recorded on Tuesday.